Learn What is Cryptocurrency

Learn What is Cryptocurrency

BULLSHIT Bitcoin vs Blockchain ?!

and we're live guys welcome to another episode of good morning crypto only here only on Ivan on tech as always we are broadcasting and we are broadcasting live straight out of stockholm sweden and amazing to see all of you here all of you who watch each and every single morning because we are broadcasting 8 a.m. Central European summer time each and every morning and today as always a lot of news number one we will talk about lightning and the statements made by the CEO of lightning labs Elizabeth Stark we're also going to talk about grocery stores and how grocery stores are now starting to use blockchain technology and really improving their business with blockchain technology and then other news as well as usual first of all be sure to smash the likes if you are watching on YouTube and give me all the hearts on Facebook and please confirm in the comment section that you have smashed the likes I always love to see all of these comments when you guys are like I smash the likes it's amazing to see and amazing to read but first of all we will take a look at the markets we will take a look at the markets and see what has happened during the past day so let's see first of all first of all we have Bitcoin – 5 % if you – 2 % 2.7 Ripple – 3.8 Bitcoin cash – 4.8 light-cone – 5 so we see a market that is quite red not that it's significantly red but quite red and I mean this is a trend we've seen for the past a month or so that we see this quite red market with sometimes Green Day is sometimes even significant Green Day's but all in all we see a Down downward movement looking at the big winners who have mixing mixing at the top with 32% then we also have verage 17.5% ontology 11% so guys everyone who holds these coins big congratulations and congratulations for the quite significant gains today and so moving to the first news of the day and this is a topic that is very interesting and very exciting so it's all about Bitcoin versus blockchain is Bitcoin bad and blocking good I think many of us have heard this argument before as you see for example a financial institution planning to implement blockchain technology and they say you know what we have nothing to do with Bitcoin bitcoin is not something that we work with but we work with blockchain and sometimes I say you know what bitcoin is bad bitcoin is bad as a currency it is bad as a technology but blockchain is good and so this is something that we see a lot in in different industries now that they are exploring this technology now that they're learning about blockchain and so what I found interesting is the statement from Elizabeth Elizabeth Stark so she basically said that when we first pitched my company lightning labs so lighting labs is one of the companies working with the lightning protocol and implementing lightning protocol developing lightning protocol it's not actually only one team so block stream for example they have their own lightning team and then we also have lightning labs they have their own lightning team so when they first started they took the word Bitcoin out of their deck and their marketing material because it was it was so much about blockchain so it whenever you pitch something a startup or a new business many people simply do not even mention that they work with Bitcoin they only mentioned that they work with blossom because it is quite quite an interesting situation we have when it comes to investors and when it comes to people wanting to invest in this space they often want to invest in blockchain but they do not want anything to do with victim because they might be afraid that they get a bad name they might be afraid that they will now be called you know now you are investing in this money laundering kind of coin because there are so many misconceptions about cryptocurrencies and there are so many misconceptions about Bitcoin in mainstream kind of world but I will elaborate more on that and why it is a bit false to say Bitcoin is good is bad but blockchain is good and why blockchain can not really be without a cryptocurrency and so she also mentions that Bitcoin has other special properties that made Bitcoin special so for example proof of work or for example public private key cryptography and other things that make between special however somehow we see blockchain the blocking part got separated and became its own thing so this is also quite true that do we have other aspects of Bitcoin that are quite significant such as proof of work public priority private ography but they do not become their own separate things and I think the explanation for that is because we have had proof of work wave before Bitcoin we have had public / private key cryptography way before Bitcoin but notion is kind of new but anyway something we have to realize something we have to realize is that when people say that I like blockchain but I I do not like cryptocurrency is that they completely misunderstand the point they completely misunderstand the point that you know what in order to have blockchain at all you in many cases need cryptocurrencies and the reason is because without cryptocurrencies there is no way of incentivizing people how do you incentivize anyone to participate in your blockchain how do you for example incentivize miners to mine if your blockchain doesn't have a cryptocurrency so in that sense some people say you know what like blockchain would not like cryptocurrencies but there is no blossom without cryptocurrencies in many aspects now you could have a private blockchain where you do not have a cryptocurrency you could have a private ocean where you somehow reward people with others things maybe you have a private blockchain with your supply chain and everyone in the supply chain is incentivized to play by the rules because they want to be in the supply chain and they want to be member of the supply chain or they want to keep track of other players but I mean these are very very specific cases and most cases like 99% of cases a blockchain needs a cryptocurrency in order to function so in that sense I definitely think that some people misunderstand the point want to say that blockchain is good between is bad cryptocurrencies are bad but moving on moving on we have another interesting news about blockchain application and so in this in this news we see that grocery stores are now starting to use blocking technology and starting to play around with blush and technology and so we have this French grocery chain carry for however that is pronounced they are looking to bring their stores into the 21st century through the introduction of blockchain technology and so something that is very interesting is tracking the origin of products tracking the origin of food for example because a clear use case is when I walk into a store I want to scan a product for example I want to scan food and I want to see exactly where it's been and I want to know that the data that I'm seeing comes from a decentralized database it comes from a decentralized immutable source so that the grocery store cannot just fool me or the provider of the database cannot just fool me so as we see in the article they also describe an interesting use case here as well that it's all about enabling consumers to easily see how the relevant products have been sourced transported and so forth the initiative will initially apply specifically to chickens so this is a block chain for chickens for now however it is easy to see the potential applications for all groceries so basically with chickens in this particular use case with chickens you will be able to see the quality of life for the chicken and complete with what sort of diet the chicken had so you casually see however however this is something we talk a lot about in the Academy as well when we talk about the future of blockchain and applications of blockchain so a good question is of course how you make sure that the data in the blockchain is correct how do you make sure that the person who entered data or the computer that enter data into the blockchain made a good job and so in that sense it is a problem because blockchain is not magic I mean it's just a decentralized data base and that's really it and so when we're talking about blocking we have to realize that it is still prone to human error now nothing will be 100% transparent nothing will be 100% correct no data will be 100% valid but it is not the point either it is not the point either the point is to make it better and to make it better with for example using blocking technology and of course when you have a system of incentives for example when you have different factories being in a supply chain and one factory keeps cheating all the time and you see this over and over again they will simply be banned from the blockchain for example they will simply be banned from the network so I definitely think you can solve this issue of human error by introducing some kind of reputation scores and if a player a company or am if a factory whatever keeps putting fake data they just lose the reputation on the blockchain and so that is a way we can solve this issue moving forward and the still interesting aspect because as I mentioned blockchain is not magic you need to somehow somehow solve the issues of human error and manipulation that actors consciously manipulate the food chain and it is not only in France this development with grocery stores using blockchain technology is not only in France we also see for example the u.s. grocery behemoth that is Walmart they are also working with similar technologies and they are reportedly working with Unilever nest layer Tyson Foods Dolf foods so they're all developing a new blogging platform that will be used in grocery stores so supply chain grocery stores amazing application of blockchain technology and this is I think something that we have to realize is that this will be very slow in the beginning I mean for for example Walmart or for this French store to really get an up and running it will be hard and people will not understand the point in the beginning I mean for all of those managers that what were able to convince the company to invest in this it wasn't easy for sure it wasn't easy but once you have one store that offers this functionality suddenly suddenly you have many other stores feeling the pressure because now the customers has a good advantage and a a benefit in that one first store that uses washing technology they do not have anywhere else they do not have the same transparency anywhere else so I think the market forces will push this further and further next up we have the news that more and more organizations or joining the lawsuit against Internet companies such as Facebook Google Twitter and everyone else who has banned cryptocurrency ads so this has been quite significant news for cryptic currency markets as a whole because the thing is that Facebook has banned cryptocurrencies as Google has battery frequency as MailChimp Twitter all of them are banning cryptocurrency ads I personally think it's a reasonable reaction just considering all the scams and everything all the credit crazy things that are going on in our space and they're just not able to cope but we also saw a reaction to these kind of preventive actions with our reaction and the reaction came from Russia and China that the blockchain organizations in those countries started to file lawsuits against Twitter Facebook Google now we see more countries joining the field and the joining this lawsuit so now we also have organizations in Switzerland and Kazakhstan and Armenia joining and this joint lawsuit is said to be filed in May of 2018 in New York and the funds for lawyers will be collected on a digital wallet registered in as so definitely an interesting development because is this is this a kind of cartel collusion that all the internet companies are coming together and working against a specific industry is this really abusing monopolies that these companies have on the internet or is it just reasonable for them to temporarily just ban all cryptic currency ads and as we talked about before they might be under pressure from the regulators they might not know what it means for them to show cryptocurrencies because imagine you are Facebook imagine you're Zuckerberg you and I we are more exactly and so when we see all of this crazy scam ads on our platform and they might be offering securities to two unaccredited investors what if I get in trouble with Facebook what if Facebook gets in trouble for that I mean promoting these kinds of things I do not know maybe that is the case or maybe it's a kind of cartel collusion going on what do you think guys what do you think leave your comments in the comment section and I'm curious to hear because I mean many people are quite negative against Facebook Google and they're like no this is a cartel they're working systematically against cryptocurrencies and this might be very true this might be very true as well but it will just push us towards decentralized networks more and more in that in that sense with steam it and D live and all the other ones next up we have the news from India Indians those of those Indians are in trouble Indians are in trouble because what's in the news that the Reserve Bank of India has banned cryptocurrencies and basically banned all businesses doing crypto currency transactions so in the central bank is refusing to deal with any accounts related to cryptocurrencies and now we see a petition being signed by almost 20,000 people to reverse this kind of stance to reverse these actions being taken against businesses in India that work with cryptocurrencies and so something very interesting is that is once again we see this crowd being set that Krypton blockchain as a concept cannot be stopped you can just decide whether you want to participate with full throttle or get left behind and so something that I really like and a quote I really like myself is that you cannot ban cryptocurrencies you can only ban yourself out of cryptocurrencies and this is a quote that I I wish I could say I invented it myself but I heard that somewhere and it really really stuck in my head and I keep telling it to you guys on this channel that you cannot bang cryptocurrencies in your country you can only ban yourself out of cryptocurrencies because everyone will find a way I mean all of people that are in India they will somehow figure it out and still be able to be in the blocking space the question is will you as the country gets taxes from cryptocurrency businesses will you get talent in your country from people who want to work in cryptocurrencies I mean that is the big question you will not be able to stop your citizens from using cryptocurrencies and especially blockchain and kind of all of these coins they are just protocols I mean it is languages between computers you can have cryptocurrencies beans being sent with smoke signals like with text messages with skype messages it's all about you know if I'm able to send you maybe a handwritten letter from my country where cryptocurrencies are banned of course when I say that cryptocurrencies are banned it's not like like that at all in India it's all about having bank accounts but I'm just telling you this dystopian story what is the worst thing that could happen the worst thing in the country that could happen with cryptocurrency industry is that it is bad like it is illegal to use a Bitcoin core wallet it is illegal to like install wallets for example but in that sense you can always like write a handwritten transaction send it to another country and they will broadcast it so in that sense I mean technically it's always possible to work around these these baths but of course practically is it good practically of course not finally finally and uh something else that is important is that we have but the a Jeet Khurana CEO of Indian crip to exchange his epee well he's saying that no way I'm stopping we will continue to do what is best for our customers and our country and they will react shortly what to do with this kind of ban and all of this craziness that is going on and finally finally finally we have I messed up guys give me one minute one second finally we have this interesting news from New York named that international exchange Inc IC e they own and operate New York Stock Exchange the chief executive of IC Jeffrey pressure sprayer is it is a Dutch German German guy in New York maybe maybe not so he said that it is imprudent to discount cryptocurrencies and that we want rule out possibility of launching cryptocurrencies future contracts so we might see cryptocurrencies futures on the New York Stock Exchange something very interesting is that he said that people put more faith in a guy named Satoshi that no one has ever met than they do in the US Federal Reserve that is very quite interesting and also quite true that people have way more belief in cryptocurrency than in the Fed in the crypto community I mean once they learn about cryptocurrencies and and once they learn about how it actually works and that it is not a Ponzi scheme and that say that this is actually just a decentralized protocol so in that sense it is extremely important to realize that it's all about what the next generation put their trust in and it's all about what the next generation thinks about the future and this decentralization and who is trusted and who is not trusted and what what it means to be trusted as well and finally guys let's get into the knowledge let's get into the knowledge and so the knowledge section of today is all about confirmations so what is it can come from on the between network and why is it important so you might have heard the fact that when you are selling something with Bitcoin I mean I sell you a dog and you pay me with Bitcoin it's good for me to wait for a couple of confirmations and what is the confirmation well in confirmation is when my transaction is put into a block on the blockchain then this transaction isn't a block and once another block comes and is put onto a blockchain and then another block comes and is put on to the blockchain after your block well your transaction gets more and more confirmations the more blocks are appended after you are after your blood so this is what we mean by confirmation and the reason is important and the reason it is important to wait for a feud over blocks is because transactions can be reversed we might for example have an orphaned block and this is something that we may discuss in another knowledge section but an orphan block basically means that it was in the blockchain for some time some nodes in the network accepted this block as truth for some time but then they discarded this block because there was another version of the blockchain that become that became longer now I know this might be confusing this is something we talked about in the Academy a lot and this is also I mean if you just Google like Ivan on.take orphan block you might find it or if you Google I have a non typed stale block you might find it but basically this all comes down to the fact that you do not want your transaction to be in a stale or orphaned block because those blocks will be accepted by some nodes but then they might be rejected because there is another version of truth and as you probably know the Bitcoin blockchain always accepts the longest chain when it comes to difficulty the longest chain and so during a period of time we might have a version of truth but then we see another version of truth that is longer when it comes to difficulty and then we discard our version of truth and accept the new version of truth that is longer so you do not want your transaction to be discarded and therefore it is always good to wait for a few confirmations because the chances that your transaction will be discarded when you have many other blocks appended is smaller and smaller exponentially so guys that's it that's it I hope you learned something I hope you are a bit smarter I hope you understand what still blocks are and why confirmations are important if you did learn something if you found this episode interesting be sure to smash the like here on YouTube and leave a comment that should confirm and if you are on Facebook give me all the heart give me all the hearts and I'll see you guys tomorrow I'll see you guys tomorrow have a great great Tuesday have a great Tuesday and good bye good bye guys